I’m first looking for a multi family adept and investor friendly agent.
Second, I had a “guru” who operates out of Florida that the market down there is our of step with other parts of the country (and of course they want $10k to elaborate) . Up I. Minneapolis where I live the market is likely at its peak and just starting to soften ever so slightly. I wondered what local folks are seeing in the market in Orlando?
@Margie Pierce no clue what's happening in orlando, but i'll hook you up with a good agent in minneapolis. i'll shoot you a pm
@Margie Pierce The inventory for multi family properties here in Orlando is few and far in between. There is just a huge lack of inventory. So when a decent property with decent numbers comes on the market, it will have multiple offers. The higher end single family homes have softened a little bit, but totally different ball game from multi family properties. Feel free to reach out to me if you have any questions.
I agree with @Erin Legler that it seems like single families are starting to slow down a bit here in Orlando. Multifamily properties are hard to come by with how high the competition is for them. However, there seems to be a fair amount of odd properties in this area that are zoned single family R1 but have additional dwelling units. Not sure if I would touch those, though.
What about a mobile home on a piece of land? Would you be able to put up a wall and make two units? Some of the double and triple wides are large and the bedrooms and bathrooms are at opposite sides of the house so it would be easy to do, you could create a simple kitchen easily enough.
@Erin Legler since the last year, has anything changed in the Orlando multifamily market changed? Is the inventory still slim and competition high? We live in South Florida and would like to buy multifamily properties in Orlando or Tampa.
@Maria T. yes the market is still hot.
@Maria T. yup still slim and hot! Prices for multi family are at a all time high as well. Example, I sold a quad a couple years back at $270,000. Just saw it come on the market a couple months ago for $499,000. A quad near UCF sold in 2015 for $245,000 and just sold last year for $460,000.
As house prices appreciate in Orlando, are the rents appreciating as well ? I am trying to figure out if you can still cashflow and the numbers still make sense.
@Reynaldo Fadri rents have gone up but not at the same rate as appreciation.
Talked to a couple of realtor recently, and was told the market is low in the inventory. A house with reasonable price will be pending withing 30-45 days. Rental market is hot and is hard to find SFH.
@Erin Legler thank you for the update 👍